Financial institutions—such as commercial banks, savings and loan associations, credit unions, and mortgage and finance companies—employ Finance Managers who oversee various functions, such as lending, trusts, mortgages, and investments, or programs, including sales, operations, or electronic financial services. These managers may solicit business, authorize loans, and direct the investment of funds, always adhering to Federal and State laws and regulations.
Branch Managers of financial institutions administer and manage all of the functions of a branch office. Job duties may include hiring personnel, approving loans and lines of credit, establishing a rapport with the community to attract business, and assisting customers with account problems. Branch Managers also are becoming more oriented toward sales and marketing. As a result, it is important that they have substantial knowledge about the types of products that the bank sells. Finance Managers who work for financial institutions must keep abreast of the rapidly growing array of financial services and products.
In addition to the preceding duties, Finance Managers perform tasks unique to their organization or industry. For example, government Finance Managers must be experts on the government appropriations and budgeting processes, whereas healthcare Finance Managers must be knowledgeable about issues surrounding healthcare financing. Moreover, Finance Managers must be aware of special tax laws and regulations that affect their industry.
Finance Managers play an important role in mergers and consolidations and in global expansion and related financing. These areas require extensive, specialized knowledge to reduce risks and maximize profit. Finance managers increasingly are hired on a temporary basis to advise senior managers on these and other matters. In fact, some small firms contract out all their accounting and financial functions to companies that provide such services.
The role of the Finance Manager, particularly in business, is changing in response to technological advances that have significantly reduced the amount of time it takes to produce financial reports. Technological improvements have made it easier to produce financial reports, and, as a consequence, Finance Managers now perform more data analysis that allows them to offer senior managers profit-maximizing ideas. They often work on teams, acting as business advisers to top management.
Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Handbook